FBR to publish new ATL on November 1, 2024
ISLAMABAD: Federal Board of Revenue (FBR) would publish the new Active Taxpayers List for tax year 2024 on November 1, 2024. This would be one crucial step toward overall tax management in Pakistan.
However, this will depend on whether the tax return filing deadline remains on October 31, 2024. According to reports, the FBR extended this deadline recently several times. According to their official announcement, if the deadline stays as is, the new ATL will be published the day after, on November 1.
The FBR had earlier been publishing the ATL based on returns filed by the end of February, resulting in the ATL being published on March 1. New rules now make the ATL available sooner, just after the deadline for the final filing.
The deadline for submitting tax filings was initially set for September 30, 2024, was then advanced to October 14, and now stands at being advanced again to October 31. With some taxpayers holding out for another extension, insiders say that’s unlikely, thus making November 1 the most likely date the ATL will be released.
Why The Active Taxpayers List?
For business taxpayers and individual taxpayers, being on the ATL is very important. Taxpayers falling under the active taxpayer’s category are given lesser withholding tax rates. Additionally, taxpayers on the ATL can even participate in public procurement. An ATL is an indicator of whether the taxpayer is fulfilling his obligations.
Under the new guidelines, taxpayers who do not comply before the deadline will also have their active status withdrawn unless an approval has been sought prior to the deadline. They can also be added into the ATL notwithstanding a failure to file before the deadline. However, there’s a surcharge to pay.
The FBR said that the current ATL for the 2023 tax year would automatically expire on October 31, 2024, and those who file their tax returns in 2024 on time will remain active on the new ATL.
Todays Updated Information Daily Updated News and Updates
The most significant change in this new notice is that the ATL will be updated daily instead of once a week. This means that taxpayers who file late but pay the surcharge would now be added to the list faster, thus giving an accurate view of taxpayer compliance.
The FBR has further provided for those companies that will be incorporated after June 30, 2024. Their incorporation in the ATL would automatically take place even though returns of such companies are not due yet.
Moreover, the FBR has extended these rules to the people of AJK or GB. If people file their returns there, then their name would be included in the National ATL if they have a registered address in these regions.
Commitment to Compliance
Such daily updating of the ATL is an expression of the commitment on the side of the FBR towards tax compliance and modernizing the taxation system in Pakistan.
The date of release is taking the taxpayers, businesses, and tax professionals to file returns and avoid being left out of the ATL and then facing monetary losses afterwards.
As the release date approaches, taxpayer business firms, and tax practitioners are requested not to miss the date and avoid monetary losses that will otherwise be experienced.
